CBN Re-instates Banks Banned From Foreign Exchange Market

The Central Bank of Nigeria has re-instated all the banks that were banned from the foreign exchange market, the Director, Banking Supervision, Mrs Tokunbo Martins, has said.

She said this on Wednesday in Abuja at a media briefing, stating that the decision was reached after a series of meetings with the body of bank Chief Executive Officers and the Chartered Institute of Bankers of Nigeria. Well, we have had engagements with the body of CEOs and they have been interacting amongst themselves and I am happy to tell you today that the banks that were hitherto banned have been released from the ban. And the reason is because all of the banks after discussions and engagements under the auspices of the body of CEOs and the CIBN have all submitted credible repayment plans which we the CBN found acceptable.

So as a result of that, all those banks have been re-instated in the foreign exchange market. The CIBN President, Prof. Segun Ajibola, said that the institute was very much interested in what was happening among all the industry players.

He added that under the aegis of the institute, the body of bank CEOs was now a formidable platform to look at issues that were pertinent to the industry and the economy, to ensure that stakeholders interest was protected. We will protect the interests of all our stakeholders and especially the bigger picture, which is Nigeria and its economy as a whole. So it is a happy development and I believe this will further help to strengthen our system and our economy. The Managing Director of Access Bank, Mr Herbert Wigwe, said that the body of bank CEOs under the under the auspices of the CIBN, aims to get banks to work together.

He said that this would ensure that anytime there was a serious issue in the market, bank CEOs could meet to look for a way to resolve them.

The CBN had on Tuesday banned nine Deposit Money Banks from the nations foreign exchange market for failing to remit the sum of 2.3 billion dollars belonging to NNPC to the Treasury Single Account.

The CBN then on Thursday re-admitted the United Bank for Africa Plc, saying it had remitted all outstanding NNPC/NLNG deposits in its possession to NNPCs TSA at the CBN.